Ring in the New Year with IBC's Top 10: Tips to protect your personal property

EDMONTON, Dec. 31, 2014 /CNW/ - As the holiday season comes to an end and we prepare to ring in the New Year, Insurance Bureau of Canada (IBC) reminds Western Canadians to review their home insurance policies, update their home inventories and take steps to protect their personal property.

"A home inventory helps protect your personal property and can speed up the claims process in the event of a theft or loss," said Bill Adams, Vice-President, Western & Pacific, IBC. "The holiday season may have brought gifts, such as new jewellery or electronics, so now's the time to update your home inventory."

IBC's top 10 tips to protect your possessions this New Year are:

1. Review your insurance policy to ensure you have adequate coverage.
2. If you are renting, remember to have tenant's insurance. A landlord's policy would not typically cover your personal belongings or liability.
3. Shop around to find the right policy to fit your unique situation.
4. Understand your policy and ask questions if you need clarification.
5. Look for ways to lower your premiums.
   • Some insurers offer discounts if you take steps to reduce risk. Speak to your insurance representative about how you can lower your premiums.
6. Update your home inventory once a year or when you purchase new items.
7. Note the approximate replacement value of your home's contents, along with makes, models, serial numbers and any identifying marks on your contents.
   • If necessary, hire an appraiser to determine the value of works of art or jewelry to avoid a possible claims misunderstanding.
8. Take photos or a video of your home's contents.
9. Keep your home inventory and your content's photos/video in a safety deposit box or in another safe place away from home.
10. If you have questions, speak to your insurance representative.
    • For further information, contact IBC's Consumer Information Centre.  

For more information on home insurance, visit www.ibc.ca. 

About Insurance Bureau of Canada
Insurance Bureau of Canada (IBC) is pleased to celebrate 50 years as a valuable resource for insurance information. Since 1964, IBC has been working with governments across Canada to make our communities safer, championing issues that directly affect Canadians and the property and casualty (P&C) insurance industry. IBC is the national industry association representing Canada's private home, car and business insurers. Its member companies represent 90% of the P&C insurance market in Canada. The P&C insurance industry employs over 118,600 Canadians, pays more than $7 billion in taxes to the federal, provincial and municipal governments, and has a total premium base of $48 billion.

To view media releases and other information, visit the media section of IBC's website at www.ibc.ca. Follow IBC on Twitter @InsuranceBureau and @IBC_West or like us on Facebook.

If you require more information, IBC spokespeople are available to discuss the details in this media release.

SOURCE: Insurance Bureau of Canada

To schedule an interview, please contact: Celyeste Power,Manager, Media Relations, Insurance Bureau of Canada, 416-362-2031 ext. 4312 (daytime), 647-384-9872 (after hours), [email protected]